One of the first necessary tasks when you move to Spain, especially when you are purchasing a property, is opening a bank account. You may find that the banking service in Spain operates in a somewhat different fashion to that of your home country. Choosing which of Spain’s many banks you want to open an account with may seem a little less clear, because unlike at home where news about individual banks is published in the national media, it is less likely that you’ll have access to the same level of information about Spanish banks. However, most people make a choice based on personal recommendations from friends, local lawyers, accountants or your real estate agent.
Bancos and Cajas
Spain has ‘bancos’ and ‘Cajas de Ahorro’. The ‘bancos’ are the nationwide banks such as Santander, Sabadell and BBVA. The ‘Cajas de Ahorro’ are state-owned and usually bear the name of the region in which they operate. The Cajas tend to be more focused on the local community and you may find there are more branches and ATMS available, but this really does depend on your location. Marbella has all the major banks present, as well as some of the lesser known ones.
There is no minimum amount required to open an account. Ask for a current account, or ‘Cuenta Corriente’ rather than a savings or deposit account, unless you want to use the latter for large transfers. The nationwide and international banks do offer accounts in other currencies: for example, if you need to transfer a substantial amount of GBP but the exchange rate is not favourable, you can ask the bank to open a sterling account for you where you can keep the money until the exchange rate is healthier. Alternatively, you can also use foreign exchange companies.
Most Spanish banks now offer Internet banking and it is relatively easy to make national and international transfers using this facility. Transfers are also less expensive in Spain than in some other countries.
Banking hours
Banking hours in Spain are quite limited. Typically, they are:
Monday – Friday 8.30am – 2pm
Saturday 8.30am – 1pm
Not all banks open on a Saturday. Some do but only during the summer season.
Debit cards from Spanish banks
When you open a current account, you will be given a debit card. Most ATMS provide instructions in English and other languages. It pays to find out which banks partner with your bank and charge little or no fee. Credit cards are available.
Mortgages in Spain
You can obtain a mortgage from a Spanish bank with a non-resident account. All current mortgages in Spain are repayment mortgages and you will find that each bank has a portfolio of mortgage products for you to choose from.
Ages for completion of loan are between 60 years to 75 years dependent on the individual bank and the maximum terms range from 15 years to 30 years. If you are 55 or older, we can help you get in touch with the best mortgage broker for equity release.
In the past, Spanish banks charged a higher mortgage rate to non-residents, but this has changed. If you’d like to learn more about this you can visit sites like amansadfinancial.com.
Sometimes it is advisable to use the services of a mortgage broker who will have a good relationship with specific banks to get you a mortgage rapid rescore. Your lawyer may recommend brokers they work with regularly
On the whole, banking in Spain is convenient and easy, but as experienced agents used to dealing with such issues Residencia Estates is always available to provide its clients with support and information. So contact us today.